Nigeria: Inflation slows for first time in one year in October
November 15, 2015
In October, consumer prices increased 0.4% over the previous month. The print was slightly below September’s 0.6% increase and marked a 26-month low. According to the National Bureau of Statistics, the month-on-month increase in prices moderated as the seasonal effects of the Muslim festival period dissipated.
Inflation fell from 9.4% in September to 9.3% in October, which marked the first slowdown in inflation since November 2014. Nevertheless, annual average inflation inched up from September’s 8.7% to 8.8% in October, thereby reaching a 23-month high.
Core consumer prices, which exclude farm produce and energy prices, rose 0.4% in October over the previous month, undershooting September’s 0.6% increase. Core inflation rose from September’s 7.6% to 7.8%, which marked a 26-month high.